Entrepreneurship Chapter 11.1

Financial Document that summarizes a business's income and expenses over a given time period

• Income Statement

• Profit and Loss (P&L)

• Calendar Year

• Fiscal Year

Financial Document that shows if the company made money or not, made a profit or lost money.

• Income Statement

• Profit and Loss (P&L)

• Calendar Year

• Fiscal Year

January 1 to December 31st is a ____________ _________

• Income Statement

• Profit and Loss (P&L)

• Calendar Year

• Fiscal Year

A 12 moth accounting period that can be started in any month and day and ended in any month and day, but most be considered equal to 1 year.

• Income Statement

• Profit and Loss (P&L)

• Calendar Year

• Fiscal Year

Income statements done at the end of EACH Month for a business would be doing these statements for what time period?

• Monthly

• Quarterly

• Annually

Income statements done at the end of a 3 Month time period for a business would be doing these statements for what type of time period?

• Monthly

• Quarterly

• Annually

Income statement done at the end of each year for a business would be doing this statement for what type of time period?

• Monthly

• Quarterly

• Annually

The rate which a business uses cash to pay for overhead expenses without generating a positive cash flow

• Cash Flow

• Cash Flow Statement

• Cyclical

• Burn Rate

Cash flow varies according to the time of year for a business, this means that cash flow is _____________

• Cash Flow

• Cash Flow Statement

• Cyclical

• Burn Rate

Document that records the inflows and outflows of cash in a business when they actually occur.

• Cash Flow

• Cash Flow Statement

• Cyclical

• Burn Rate